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Aflac CEO says inflation is impacting Americans’ ability to afford ‘higher costs of health care’
Inflation impacts ability to afford ‘higher costs of health care’: Aflac CEO
Aflac Chairman and CEO Dan Amos says record-high inflation poses a ‘challenging environment’ for consumers.
With another aggressive rate hike expected from the Federal Reserve following August’s hot inflation report, Aflac’s chairman and CEO warned how higher rates can force average Americans to lose control of their "purse strings."
"Inflation's terrible for the consumer and it really creates a problem," CEO Dan Amos told FOX Business’ Maria Bartiromo Wednesday. "It affects the purse strings of the average consumer and how they can afford these higher costs of health care."
Representing the largest provider of supplemental insurance in the U.S., Amos joined "Mornings with Maria" to explain how the Fed’s rate hikes are increasing customers’ out-of-pocket costs.
"If we're going to pay $500 a day for every day in their hospital, even though inflation took place and let's say it was $550 now, we still pay $500, but your rate stays the same," Amos explained. "At time of claim, you're not going to be as happy if you got $500 when you needed $550."
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Inflation at the wholesale level cooled in August for the second consecutive month, although prices for everyday necessities remain at a multi-decade high, squeezing businesses and millions of American households.